BSE 150 MIDCAP

Indian market & Rupee see sharp recovery | Brent Oil up 5% | Global markets fall on geopolitical risk

Sensex and Nifty likely to open weak, tracking GIFT Nifty losses, Asian stocks slip, US equities rise amid Middle East tensions, FIIs net sellers, DIIs offset some selling with ₹7,000 crore buys

* Sensex and Nifty likely to open weak, tracking GIFT Nifty losses
* Asian stocks slip, US equities rise amid Middle East tensions
* FIIs net sellers, DIIs offset some selling with ₹7,000 crore buys

Indian equity benchmarks may open weak on April 2, tracking losses in GIFT Nifty. Global markets saw mixed moves: Wall Street rose, Asian stocks slipped, oil gained, gold fell, and FIIs remained net sellers, partly offset by DIIs' purchases.

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Indian equity benchmarks, the BSE Sensex and Nifty 50, are likely to see a weak sytart on April 2, tracking losses in GIFT Nifty, which was trading lower around the 22,426 level.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

The Indian equity market snapped its two-day losing streak and ended the first session of the new series on a strong note on April 1, supported by signs of de-escalation in the ongoing tensions between the US and Iran.

At close, the Sensex was up 1,186.77 points or 1.65 percent at 73,134.32, and the Nifty was up 348 points or 1.56 percent at 22,679.40.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Down)

GIFT Nifty was trading lower at the 22,426 mark, indicating a weak start for Indian equity indices.

Asian Equities (Slip)

Asian stocks extended their losses after President Donald Trump said the US would hit Iran extremely hard over the next two to three weeks, damping hopes for a swift resolution to the conflict.



US Equities (Up)

Wall Street ended higher on Wednesday, with strong gains in Alphabet and other heavyweights, after U.S. President Donald Trump suggested ‌an end to the Middle East conflict could be close.

The S&amp;amp;P 500 climbed 0.72% to end the session at 6,575.32 points. The Nasdaq gained 1.16% to 21,840.95 points, while the Dow Jones Industrial Average rose 0.48% to 46,565.74 points.



Dollar Index (Slips)

A dollar declined against the other major currencies in the early trade on Thursday.



US Bond Yield (Up)

Yields on the 10-year U.S. Treasury and 2-year U.S. Treasury rose 3 basis points and 2 basis points to 4.35% and 3.82%, respectively.



Asian Currencies (Down)

Among Asian currencies, except the Indonesian Rupiah and Malaysian Ringgit, all other currencies were trading lower.



Crude (Gains)

Oil prices climbed more than $4 on Thursday after President Donald Trump said the United States would continue to attack Iran, including energy and oil targets over the next few weeks, and did not commit to a specific timeline to end the war.



Gold (Down)

Gold fell after US President Donald Trump said the US would hit Iran “extremely hard” over the next two to three weeks.



Fund Flow Action

Foreign Institutional Investors (FIIs) began the new financial year on a weak note, remaining net sellers as they offloaded equities worth ₹8,331 crore on April 1. However, the selling pressure was partly offset by Domestic Institutional Investors (DIIs), who purchased equities worth over ₹7,000 crore.



Hope you're all set for today's trade. We wish you a profitable day ahead.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Tick: Top global cues to watch in today’s trade

HCL Technologies, Tech Mahindra, TCS, Tata Consumer, Wipro were among top gainers on the Nifty, while losers were Eternal, Asian Paints, Eicher Motors, Bajaj Auto and Sun Pharma. Nifty Midcap index fell 0.3 percent and Smallcap index fell 0.4 percent. Among sectors IT index rose 2.6%, realty up 1%, while auto, PSU Bank, oil &amp;amp; gas, pharma, consumer durables shed 1% each.

Closing Bell: Stronger rupee lifts markets, Sensex up 185 pts, Nifty above 22,700 in volatile trade

Find autos, consumer-facing businesses, financials, EMS, defense, pharma, and data centre-linked stocks attractive from investment perspective, This is an opportune phase to start deploying capital in a calibrated manner, Q4FY26 management commentaries to be watched for clearer cues on earnings trajectories for FY27

* Find autos, consumer-facing businesses, financials, EMS, defense, pharma, and data centre-linked stocks attractive from investment perspective
* This is an opportune phase to start deploying capital in a calibrated manner
* Q4FY26 management commentaries to be watched for clearer cues on earnings trajectories for FY27

shorts/business/daily-voice-deploy-capital-in-a-calibrated-manner-despite-west-asia-uncertainty-narnolia-s-shailendra-kumar-highlights-attractive-sectors

De-escalation is eventually expected, but the situation remains fluid and needs to be tracked very closely until there is far more concrete evidence that a genuine resolution is in place, said Shailendra Kumar, Chief Investment Officer at Narnolia Financial Services in an interview to Moneycontrol.

According to him, the balance of probabilities and risk-reward across scenarios suggests that this is an opportune phase to start deploying capital in a calibrated manner.

At this point, he finds autos, consumer-facing businesses, financials, EMS, defense, pharma, and data centre-linked stocks attractive from an investment perspective.

Do you believe the impact of the war is largely priced in by the market? What could be the worst-case levels for the Nifty 50?

Nifty’s trailing twelve-month P/E recently corrected to 19.6. Historically, over the past decade, every instance of the Nifty’s trailing twelve-month EPS-based P/E falling below 20 has eventually proved to be a compelling entry point for long-term investors.

Equally important, this has not just been a price correction but also a meaningful time correction, with the Indian market remaining in a corrective phase for nearly eighteen months. During this period, the MSCI India Index has materially underperformed the MSCI Emerging Markets Index, indicating that a substantial amount of excess optimism has already been unwound.

Admittedly, the economic recovery that had started to take shape earlier this year has faced a setback due to the recent Gulf-related developments. Good prices seldom come with good news. The balance of probabilities and risk-reward across scenarios suggests that this is an opportune phase to start deploying capital in a calibrated manner.

Do you see genuine signs of de-escalation, considering recent commentaries from the US and Iran?

De-escalation is eventually expected; the real question is when it materializes and what the situation around the Strait of Hormuz looks like thereafter. Following the severe US strike on Isfahan on Sunday, there does appear to be some shift in Iran’s stance, while US officials have also begun signaling the possibility of an early resolution.

That said, the situation remains fluid and needs to be tracked very closely until there is far more concrete evidence that a genuine resolution is in place.

What are your expectations from management commentaries for Q4FY26 earnings?

Q4FY26 management commentaries will be closely watched for clearer cues on earnings trajectories for FY27. While the losses for OMCs (oil marketing companies) and margin pressures across certain sectors are largely understood, the more critical monitorables will be demand trends reflected by consumer companies, any signs of rising financial stress highlighted by financials, and on-ground updates from companies such as Larsen &amp;amp; Toubro on project execution, particularly in the Gulf region.

Do you believe the impact of the war will be limited to Q1FY27 earnings and not extend beyond that?

Q1FY27 earnings are almost certain to see some impact. While crude availability itself is not a concern, elevated prices and the resulting under-recoveries for OMCs, along with margin pressures across several industries, are likely to persist through Q1FY27.

On natural gas, we expect availability constraints to ease by the middle of the quarter, as the challenge here is less about global supply and more about diversification of sourcing and the logistics-related time lag involved in rerouting supplies. India accounts for only about 1.6% of global natural gas consumption, which makes this issue relatively more manageable over time.

The LPG situation, however, could remain more challenging for longer if conditions around the Strait of Hormuz do not improve. India consumes nearly 10% of global LPG supply, and despite some diversification of sourcing and higher domestic production, the country still needs to import roughly 8–9 MMT from the Gulf region out of its total annual requirement of around 31.5 MMT.

Do you expect earnings upgrades in the IT sector due to rupee depreciation? Also, do you see limited downside in the IT space?

The Nifty IT Index, on a trailing twelve-month P/E basis, is now trading close to that of Nifty despite its underlying earnings growth likely remaining lower than that of the broader market. While we have recently moderated our underweight stance on IT at the margin, we continue to remain cautious on the sector. We also do not expect the current pace of rupee depreciation to sustain for much longer.

Are you still avoiding quality stocks despite attractive valuations, or have you started buying during the current correction?

We remain constructive on quality stocks, particularly as valuations across many large-cap quality names have turned highly attractive. Notably, the Nifty FMCG Index is now trading near its 15-year valuation lows. A large part of India’s quality universe is domestic consumer-facing, and if the monsoon remains favourable this year, we expect a meaningful demand revival across several of these businesses.

Which themes or sectors are attracting your investments, especially after the significant sell-off in March?

At this point, we find autos, consumer-facing businesses, financials, EMS, defense, pharma, and data centre-linked stocks attractive from an investment perspective.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: Deploy capital in a calibrated manner despite West Asia uncertainty; Narnolia's Shailendra Kumar highlights attractive sectors

Sensex jumped 1,186 points, Nifty up 348 points on April 1, Broader markets outperformed, midcap up 2.2%, smallcap up 3.3%, Defence index surged 5%, pharma was the only sector in red

* Sensex jumped 1,186 points, Nifty up 348 points on April 1
* Broader markets outperformed, midcap up 2.2%, smallcap up 3.3%
* Defence index surged 5%, pharma was the only sector in red

Indian equity markets rebounded strongly on April 1, driven by easing US-Iran tensions. Sensex rose 1.65%, Nifty 1.56%. Broader indices outperformed. Most sectors gained, with defence up 5%. BSE market cap surged by ₹10 lakh crore to ₹422.23 lakh crore.

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The Indian equity market snapped its two-day losing streak and ended the first session of the new series on a strong note on April 1, supported by signs of de-escalation in the ongoing tensions between the US and Iran.

The market kicked off the new financial year on a positive footing, with the Nifty opening gap-up at 22,900 amid broad-based buying across sectors and the broader indices. However, despite intraday profit booking, the benchmarks managed to hold gains and closed on a robust note.

At close, the Sensex was up 1,186.77 points or 1.65 percent at 73,134.32, and the Nifty was up 348 points or 1.56 percent at 22,679.40.

Broader markets outperformed the main indices, with the Nifty Midcap index added 2.2 percent and smallcap index rose 3.3%.

Also Read - Precious metals NFOs double in FY2026, but can the momentum sustain?

The market capitalisation of BSE-listed companies surged by nearly ₹10 lakh crore to ₹422.23 lakh crore, up from ₹412.41 lakh crore recorded on Monday.

Also Read - GST collections hit 10-month high of Rs 2 lakh crore in March

Interglobe Aviation, Adani Ports, Adani Enterprises, Trent, Bharat Electronics were among biggest gainers on the Nifty, while losers included Dr Reddy's Labs, HDFC Life, Cipla, NTPC, Sun Pharma.

Except pharma (down 1%), all other sectoral indices ended in the green with defence index surged more than 5%, capital goods, media, PSU Bank indices rose 3% each, while auto, consumer durables, IT, metal, realty, FMCG, telecom, Private Bank up 1-2%.

Also Read - Nifty's 23,000 to act as decisive pivot for April series, short rollover suggests sell-on-rise bias

More than 200 stocks touched their 52-week low on the BSE, including Blue Star, HDFC Life, Cipla, Havells India, SBI Card, Blue Dart, among others. Click to View More

Also Read - PSU banks, metals lead rally in FY26 as consumption and IT stumble

In stock-specific action, Marksans Pharma gained 7% after receiving USFDA approval for its Benzonatate Capsules. Texmaco Rail and Engineering surged 12% following an order win worth ₹357.11 crore, while RailTel Corporation of India also jumped 7% on securing orders valued at ₹29.69 crore.

InterGlobe Aviation (IndiGo) shares rose 6% after the appointment of former Willie Walsh as its new CEO.

Among other movers, Garden Reach Shipbuilders advanced 20% after reporting its highest-ever annual turnover, and Diamond Power Infrastructure added 5.6% on winning an order to supply 66 kV EHV cables.

Pace Digitek rallied 10% after bagging an order worth ₹494.5 crore from NTPC, while Zaggle Prepaid Ocean Services climbed 16% after projecting around 40% growth for FY27. Meanwhile, Coforge gained 3.7% following approval from the Reserve Bank of India for its overseas direct investment.

Outlook for April 2

Ajit Mishra – SVP, Research, Religare Broking

Markets staged a rebound on Tuesday, marking a strong start to the new financial year. The Nifty 50 opened gap-up above the 22,600 mark, tracking positive global cues; however, selling pressure in the latter half of the session trimmed gains, with the index eventually settling at 22,679.40, up 1.56%.

Sectorally, metals, banking, and IT stocks led the recovery, while pharma witnessed relatively subdued participation. Broader markets outperformed, with midcap and smallcap indices advancing 2.5–3%, reflecting a strong risk-on sentiment.

The recovery was primarily driven by optimism around potential geopolitical de-escalation, which improved global risk appetite. A decline in crude oil prices and bond yields further supported sentiment, particularly for emerging markets like India. Additionally, attractive valuations following the sharp correction in March, along with supportive global cues, triggered broad-based buying. The beginning of the new financial year also contributed to increased market activity.

From a technical perspective, the Nifty has witnessed a relief rally after a steep ~11% decline in March; however, sustainability remains critical. Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle at 23,500, while support is seen in the 22,300–22,000 range. Participants should closely monitor crude oil prices and the rupee for cues on the next directional move. From a trading standpoint, maintaining balanced exposure on both sides and preferring spread strategies over naked positions is advisable as a prudent risk management approach until the market stabilizes.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

On the first trading session of FY27, Nifty opened with a gap up on optimism around a potential de-escalation in geopolitical tensions. However, the index failed to sustain momentum, facing resistance twice in the 22935–22945 zone and drifting lower intraday. It eventually closed at 22679, up 1.56%.

Going ahead, the immediate support for Nifty is placed in the 22550-22500 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 22300, followed by 22100 in the short term. On the upside, the zone of 22800–22850 zone is likely to act as an immediate resistance.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Taking Stock: Markets rally on de-escalation hopes; Nifty above 22,600, Sensex jumps 1,187 pts

8 out of 9 years BSE 150 MIDCAP has given positive returns in April.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	14,733.12	14,863.95	14,960.12	14,636.95	14,506.12	14,409.95	14,279.12
Fibonacci	14,723.67	14,777.24	14,863.95	14,636.95	14,550.24	14,496.67	14,409.95
Camarilla	14,623.09	14,643.90	14,664.70	14,636.95	14,581.47	14,560.66	14,539.86

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